focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
I will bow to your superior knowledge on that one.
I have also been trying to put a name to the major customer, I have come up with two possible companies both owned by the same person, just need to piece it all together.
As boredom sets in I've been reading through old RNS's, this piece from the auditors report should have rung bells, but financial results are so extensive it's impossible to absorb it all.
Material uncertainty in relation to going concern
We draw attention to Note 1 in the financial statements which explains that the future funding of the group is reliant on key customer fulfilling the requirements of the underlying sales agreements and there is uncertainty that these will be fulfilled. As described in note 1 these conditions give rise to the existence of a material uncertainty that may cast significant doubt about the group's and Parent Company's ability to continue as a going concern and therefore the group and Parent Company may be unable to realise its assets and discharge its liabilities in the normal course of business. Our opinion is not modified in respect of this matter.
DVH, Have SML ever put this in righting:
(various funding options including a JV, debt finance and a pre payment relating to future sales of copper cement.)
All I can remember ever seeing is this statement:
(SML is engaged in a number of active discussions with potential sources of financing to move its projects forward via a solution which is best for the Company and its shareholders alike.)
Back in May SML agreed to pay NAE a postponement fee of A$10,000, that was only to cover a 4 week delay in payment, but I don't recall seeing anything about what they are charging us to reconfigure the whole debt, I can't see them doing it for free.
I have no idea how long it takes to put together a PEPR, or how much it costs, but it maybe that within this PEPR you have to show that you have the necessary funds to do what is required.
This should have been done 6 to 9 months ago, yet they still need at least a further 3 months to put it together, they have enough mining expertise to know how long it should take, so how could they ever say LCCM could be operational during the 1st qtr of 2020.
Fira,
The RNS from April states the following.
"The feasibility study for the commencement of full-scale production from Paltridge North and Rosmann East, and submissions associated with government approvals for mining these areas, are well advanced and scheduled to be completed in Q3 2019"
So providing their FS schedule didn't alter!! they should have submitted SML's proposals to the government this quarter, now it all depends on how long the government usually takes to grant or deny permission.
In the half year RNS in September JP said.
"This was critical in demonstrating the Company's ability to resurrect operations ahead of expected government approval to mine the larger Paltridge North deposit"
As far as I'm aware we have not been informed either way about any approval, If!! and when they get government approval would they have to inform us? to me which ever way it falls it is price sensitive information, especially if they can't get it.
Going forward into 2019 and beyond, the Committee and I will remain focused on ensuring that reward at the Company continues to be closely aligned with the delivery of long term shareholder value.
For and on behalf of the Remuneration Committee
Alan Broome
14 May 2019
Chair of Remuneration Committee
That will be a fail then!!
I know everyone say's that Redmoor is shelved for now, but Cornish tin mines are notorious for needing a great deal of care and maintenance, does anyone have a clue how much we might be paying for this, because I've not seen it written or mentioned anywhere.